BNP Paribas is reaching a major milestone!

This is information reported by the American crypto media Coindesk, so you need to take the usual precautions: BNP Paribas will work with the Swiss specialist Metaco to provide crypto activation services to its customers.

GDP and Metaco for a historic deal

A French bank has decided to go further than just exploring the world of cryptocurrencies. And not just any bank: it’s BNP Paribas through its subsidiary BNP Paribas Securities Services.

According to the professional media CoinDesk, the bank must offer cryptocurrency deposit services, according to “three people” who are familiar with the operation. This service is made possible through a partnership with Metaco, a Swiss company specializing in cryptocurrency conversions.

The information comes from “3 people with knowledge of the transaction”, without giving further details. And if the parties Coindesk has contacted have neither confirmed nor denied it, it’s because the topic is both sensitive and potentially historical.

Given the status of GDP Paribas, the merger is in fact crucial. It is one of the world’s leading custodian banks with nearly $ 13 trillion in assets on deposit.

“Many large banks are moving into cryptocurrency deposits, but what makes this deal particularly important is BNP Paribas Securities Services’ position as a large global custodian bank with nearly $ 13 trillion in assets under deposit,” CoinDesk points out.

That said, at present, many aspects of this collaboration are unknown. For example, Metaco’s contribution to operations has not yet been determined. However, we believe that the company will step in as an advisory support or repository for cryptocurrencies. At present, neither BNP Paribas nor Metaco have officially confirmed the alleged collaboration.

At present, neither BNP Paribas nor Metaco have published an official press release on the subject. According to our information, BNP Paribas Securities Services will communicate tomorrow on this topic.

Metaco is not unknown to French banks

If the name Metaco knows you, it’s because the Swiss company, founded in 2014, has built up a solid expertise in the management and storage of crypto assets. Metaco caters to professionals from the financial world and the banking ecosystem, especially in France.

As such, in early 2022, Metaco entered into a partnership with the Forge division, a branch of Societe Generale specializing in blockchain.

“By partnering with Metaco, SG-Forge is able to leverage their secure infrastructure to ensure we have a strong foundation to grow our business in the digital asset market,” said Jean-Marc Stenger. , head of SG-Forge.

In terms of GDP Paribas, as the 8th largest banking group in the world, no one should be surprised by its strong interest in crypto-economy, decentralized finance and blockchain technology. Thus, just a few weeks ago, we learned that the French giant was now trading tokens on JPMorgan’s private blockchain, the Onyx network.

If the first information is confirmed (a press release says it is ready), then we will have more precise elements of this great symbolic progress. More importantly, it involves a domestic eco-banking system that is considered conservative in terms of cryptocurrencies, and which has traditionally been more effective at preventing its customers from trying to interact with cryptocurrency players such as Binance or Coinbase.

Many of the major banks are investigating cryptocurrency deposit. They have the opportunity to hop on the bandwagon and find themselves a place in this new era of digital assets.

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